Cryptocurrency

Bitcoin

Momentum

Gains

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-gains-momentum-2/" data-wpel-link="internal">Bitcoin Price Gains Momentum</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/calibra-ekibi-yeni-dagitik-denetim-protokolunu-tanitti" data-wpel-link="internal">Cryptocurrency</a></strong> markets were once again lively last night, with <a href="https://coin-turk.com/dunyaca-unlu-ekonomistten-btc-fiyatini-da-ilgilendiren-kritik-aciklama-buyuk-hata" data-wpel-link="internal">Bitcoin</a> at the forefront. Investors worldwide are focused on <a href="https://en.coin-turk.com/anticipation-of-sec-approval-for-spot-bitcoin-etfs-stirs-market-excitement/" data-wpel-link="internal">Bitcoin</a>‘s recovery trend. Starting from the $60,800 region, a strong recovery wave propelled <a href="https://coin-turk.com/bitcoinde-hedef-belirlendi-iste-analistlerin-yil-sonu-bitcoin-tahmini" data-wpel-link="internal">BTC</a> to near the $68,800 resistance level, marking an approximate 10% increase. However, given the volatile nature of cryptocurrencies, the sustainability of this rise is a subject of curiosity.</p> 
<h2 style="text-align: justify" id="bitcoin-s-price-rises">Bitcoin’s Price Rises</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong> was expected by the bulls to rebound around $60,800 after its recent drop below the $62,500 level. However, it dipped even below $61,200 before the momentum paused. Now, a recovery from lower levels has established a new base around $60,778, and the price has gained upward momentum again.</p> 
<p style="text-align: justify">The price surged past immediate resistance levels at $63,000 and $64,000, indicating a strong increase. This upward movement has even surpassed the 50% Fibonacci retracement level of the drop from $68,898 to $60,778, sending a significant signal. On the hourly chart of the <a href="https://en.coin-turk.com/bitcoin-breaks-record-against-the-dollar-again/" data-wpel-link="internal">BTC</a>/USD pair, there was a breakout above a crucial bearish trend line with resistance near $65,000.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-331023 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-coin-turk-com-1-12.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">Bitcoin is currently trading above the $64,500 level and is also above the 100-hour Simple Moving Average. Moreover, it is above the 76.4% Fibonacci retracement level of the decline from $68,898 to $60,778, showcasing the strength of the bulls.</p> 
<h2 style="text-align: justify" id="potential-hurdles-in-the-near-term">Potential Hurdles in the Near Term</h2> 
<p style="text-align: justify">However, we may still encounter some hurdles for Bitcoin in the near term. Specifically, we are facing resistance around $68,000, and this level needs to be surpassed. For a real momentum to be captured, a clear break above the $68,800 resistance is necessary. In this case, we can expect the price to accelerate towards the $70,000 resistance. What’s next? The next critical resistance level is seen at $72,500.</p> 
<p style="text-align: justify">If Bitcoin cannot climb above the $68,800 resistance area, it could once again cause concern among investors. The recent fluctuations in the cryptocurrency market are increasing worries that BTC could enter a new downtrend. So, what now?</p> 
<h2 style="text-align: justify" id="support-levels-and-possible-scenarios">Support Levels and Possible Scenarios</h2> 
<p style="text-align: justify">Bitcoin’s critical levels should be closely monitored. If it cannot break above $68,800, a quick retreat to $66,800 could occur. This level is seen as an urgent support point.</p> 
<p style="text-align: justify">The first major support is at the $65,500 level. This could be an important point where BTC may halt its decline. However, if it falls below this level, the next support should be identified at $64,800. If this level is broken downwards, a downtrend towards $63,000 is expected. Further losses could push the price towards the $62,500 support area in the near term. At the time of writing, Bitcoin is trading at $66,854.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-gains-momentum-2/" data-wpel-link="internal">Bitcoin Price Gains Momentum</a></h5>

Bitcoin Price Gains Momentum

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